Economics (9-1) - 0987 CIE

Market Failure

Muhtasari

Markets are powerful, but they are not perfect. Left to themselves they will pump out cigarettes nobody should want so much of, starve schools and vaccinations of funding, refuse to build a lighthouse at all, and let a single giant firm overcharge everyone. Each of these is a case of market failure, and spotting it is the first step to fixing it.

In this lesson you will master the key vocabulary, public, merit and demerit goods, private, external and social costs and benefits, and monopoly, see why markets fail in each case, and analyse the harm done when resources are misallocated. This is the bridge between how markets work and why governments intervene.

Malengo

  1. public goods, merit goods, demerit goods, private benefits, external benefits, social benefits, private costs, external costs, social costs, monopoly
  2. causes relating to public goods, merit goods, demerit goods, external costs and external benefits, abuse of monopoly power
  3. implications of misallocation of resources in relation to: - the over-consumption of demerit goods and goods with external costs - the under-consumption of merit goods and goods with external benefits - the non-provision of public goods - restricted supply causing higher prices under a monopoly

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Maelezo ya Somo

When markets allocate resources efficiently, they are a marvel. But sometimes the price the market sets ignores costs or benefits that fall on other people, or fails to provide a good at all. The result is too much of some things and too little of others: a misallocation of resources. Understanding market failure explains almost everything governments do in the economy, from taxing tobacco to funding hospitals.

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Tathmini ya Somo

Hongera kwa kukamilisha somo la Market Failure. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.

Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.

Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.

  1. A public good is best described as one that is: A. provided only by private firms B. non-excludable and non-rivalrous C. harmful when consumed D. always free to produce Answer: B
  2. Which is an example of a demerit good? A. education B. vaccination C. cigarettes D. street lighting Answer: C
  3. If the private cost of an activity is $50 and the external cost is $20, the social cost is: A. $20 B. $30 C. $50 D. $70 Answer: D
  4. Goods with external benefits tend to be: A. over-consumed by the market B. under-consumed by the market C. never produced D. priced above their social cost Answer: B
  5. An abuse of monopoly power typically leads to: A. lower prices and higher output B. higher prices and restricted output C. lower prices and restricted output D. higher output and external benefits Answer: B

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Vitabu Vinavyopendekezwa

Cambridge IGCSE and O Level Economics Coursebook
Cambridge IGCSE and O Level Economics Coursebook
Manukuu: Second edition
Mchapishaji: Cambridge University Press
Mwaka: 2018
ISBN: 978-1-108-44038-7
Maelezo: Endorsed coursebook with full coverage of the 0455/0987 syllabus, diagrams and exam-style questions.
Complete Economics for Cambridge IGCSE and O Level
Complete Economics for Cambridge IGCSE and O Level
Manukuu: Third edition
Mchapishaji: Oxford University Press
Mwaka: 2018
ISBN: 978-0-19-840982-3
Maelezo: Endorsed textbook covering the Core and Supplement content with case studies and questions.

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